India Tightens Silver Import Rules, DGFT Nod Now Mandatory After 157% Surge
Government mandates DGFT authorisation for silver imports routed via banks, RBI-nominated agencies and IIBX qualified jewellers. Move follows 15% duty hike after April imports surged 157% YoY to $411M. Tanishq, Kalyan and other jewellery retailers face tighter sourcing as FY26 imports near $12B.
What happened
Government tightens silver import rules, mandating DGFT authorisation for imports routed via banks, RBI-nominated agencies and IIBX qualified jewellers. Follows
Key facts
- 15% import duty
- 157% YoY silver imports April
- USD 411 million April imports
- USD 12 billion FY26
- 99.9% purity
Why this matters
Sourcing bottlenecks could accelerate consolidation and partnership deals with RBI-nominated agencies or IIBX qualified jewellers as scale-disadvantaged retailers seek compliant supply pathways.